Household Debt in the Consumer Age
Source of Growth--Risk of Collapse
Bibliographic Data
| ID | 8246763 |
|---|---|
| Authors | Barry Z Cynamon (University of Chicago, corresponding author), Steven M Fazzari (0009-0006-3880-3353, Washington University in St. Louis) |
| Year | 2008 |
| Volume | 3 |
| Issue | 2 |
| Publication date | 2008-10-24 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Capitalism and Society (JOURNAL) |
| Journal identifiers | ISSN: 1932-0213 • E-ISSN: 2194-6140 |
| Publisher | Walter de Gruyter GmbH (PUBLISHER • DE) |
| DOI | 10.2202/1932-0213.1037 |
| OpenAlex | W2143546373 |
| Language | EN |
| Citations received | 36 |
| References cited | 20 |
The 2008 U.S. financial upheaval raises important questions about the sources of household consumption and debt growth, along with their macroeconomic effects. We argue that spending and financial preferences evolve as social norms interact with both cultural trends and institutional changes in household finance. We identify historical forces that raised consumption and debt over the past quarter century and interpret these events with Hyman Minsky's financial cycle framework. Strong consumption helped moderate recessions and boost growth since the mid 1980s. But unprecedented household debt has now culminated in a financial crisis that threatens to cause a deep recession
Business cycle · Consumer debt · Consumer spending · Consumption (sociology · Debt · Economics · Financial crisis · Geography · Great recession · Household debt · Keynesian economics · Macroeconomics · Monetary economics · Quarter (Canadian coin · Recession · Sociology · Financial Literacy, Pension, Retirement Analysis · Housing Market and Economics · Housing, Finance, and Neoliberalism · Finance
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| Unique citing works | 36 |
|---|---|
| Citations per year | 2,25 |
| Citation span | 2010 - 2026 (17) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 36 |